Indian AI-powered CLM platform SpotDraft raises $8 million from Qualcomm Ventures

SpotDraft, an AI-powered contract lifecycle management (CLM) platform, has raised $8 million from Qualcomm Ventures in an extended Series B funding round.

The investment follows SpotDraft’s $56 million Series B raise in February 2025.

Founded by Shashank Bijapur and Madhav Bhagat, SpotDraft combines intuitive workflows, business-friendly design, and AI-powered contract intelligence to help legal teams reduce turnaround times, scale operations, and demonstrate measurable business impact.

The startup will use the raised capital to to deepen its product and AI capabilities and expand its enterprise presence across the Americas, EMEA, and India, and the relationship extends beyond capital.

“This investment validates the architectural direction we've taken with SpotDraft,” said Shashank Bijapur, Co-founder and CEO, SpotDraft.

“Legal teams handle some of the most sensitive business information, yet most AI tools still require sending that data to external cloud models. We've developed the SpotDraft platform to run core contract intelligence workflows locally on device, giving legal teams AI capabilities without compromising performance, privacy, security, or control.”

“AI is driving a fundamental shift in how legal workflows are executed, bringing new levels of efficiency to an inherently text-intensive domain,” said Quinn Li,  Senior Vice President, Qualcomm Technologies, Inc., and global head of Qualcomm Ventures.

“SpotDraft’s ability to deploy their proprietary models securely on-device using Snapdragon platforms represents a meaningful advancement for a privacy-critical industry. We’re excited to enable high-performance, secure AI at the edge and see strong potential for this technology across the legal ecosystem.”

“SpotDraft is deliberately separating what needs to run close to the document from what benefits from the cloud,” said Madhav Bhagat, Co-founder and CTO, SpotDraft.

“Core contract understanding, guideline checks, and recommendations run locally on device, while orchestration, learning, and large-scale analytics remain cloud-driven. Optimizing these workflows for the Qualcomm Hexagon NPU allows us to deliver low-latency, private AI experiences without compromising accuracy.”

So far, SpotDraft has raised $92 million to date from investors including Qualcomm Ventures, Vertex Growth Singapore, Trident Growth Partners, Xeed VC, Arkam Ventures, and Prosus Ventures.